Case Page

 

Case Status:    SETTLED
On or around 12/17/2015 (Other)

Filing Date: July 24, 2012

According to the law firm press release, Duke is an energy and utilities company based in Charlotte, North Carolina. Prior to the Merger, Progress was an energy and utilities company headquartered in Raleigh, North Carolina. The Merger ultimately created the largest electric utility in the United States.

The Complaint alleges that the Company failed to disclose and misrepresented certain material adverse facts which were known to defendants or recklessly disregarded by them.

On January 8, 2011 a merger agreement was executed between Duke and Progress (the “Merger Agreement”). The Merger Agreement was attached to the Prospectus Materials. The July 7, 2011 Prospectus Materials omitted facts necessary to make the statements made therein not misleading, and was not prepared in accordance with applicable SEC rules and regulations.

In addition, from May 4, 2012 through June 29, 2012, Duke filed numerous Prospectus Updates on Forms 425 with the SEC that “urge[d] investors and shareholders to read the Registration Statement, including the joint proxy statement/prospectus that is a part of the Registration Statement…because they contain important information.” Defendants therefore caused shareholders to rely upon the same Prospectus Materials that, during this same period, Defendants knew contained misleading statements and omitted material facts.

On July 3, 2012, Duke issued a press release, in contradiction to previous representations. As a result of these disclosures, the price of Duke common stock fell.

On September 10, 2012, the Court issued an Order consolidating cases. An additional Order consolidating cases was issued by the Court on October 16, 2012.

On December 14, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On January 28, 2013, the lead plaintiffs filed their consolidated complaint. On the next day, the lead plaintiffs filed a corrected version of their complaint.

On March 10, 2015, the parties filed a Stipulation of Settlement. Preliminary approval was granted March 25. Final approval was granted November 2.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DUK
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. North Carolina
DOCKET #: 12-CV-00456
JUDGE: Hon. Max O. Cogburn, Jr
DATE FILED: 07/24/2012
CLASS PERIOD START: 07/07/2011
CLASS PERIOD END: 07/24/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gray, Layton, Kersh, Solomon, Furr & Smith, P.A.
    516 South New Hope Road P.O. Box 2636, Gray, Layton, Kersh, Solomon, Furr & Smith, P.A., NC 28053
    701.865.4400 701.866.8010 ·
No Document Title Filing Date
COURT: W.D. North Carolina
DOCKET #: 12-CV-00456
JUDGE: Hon. Max O. Cogburn, Jr
DATE FILED: 01/28/2013
CLASS PERIOD START: 07/07/2011
CLASS PERIOD END: 07/24/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Blue Stephens & Fellers LLP
    205 Fayetteville Street, Suite 300, Blue Stephens & Fellers LLP, NC 27601
    (919) 833-1931 (919) 833-8009 ·
  2. Kessler Topaz Meltzer & Check LLP (California)
    580 California Street, Suite 1750, Kessler Topaz Meltzer & Check LLP (California), CA 94104
    415.400.3000 415.400.3000 · info@ktmc.com
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date
No Document Title Filing Date